Topic: My dream business succeeded - page 5. (Read 751 times)

Setting up your new business and accepting payments in Bitcoin is a great idea. But you have to take care in business that your investment, your profit and loss. Bitcoin transaction fees are extremely high in recent times. No one will try to use more money to buy a bottle of wine in this situation. Also another thing that @Agbe told you is that since your father is a social worker it will be insulting to him if you run the bar as his daughter. Common people will make negative comments about him. But I will tell you that if you are profitable in this business then it is good and if not then you can set up another business which I think will be better.

This doesn't sound funny anyway but are you really making assumptions that all politicians that occupies public offices embezzles government funds? Well, my dad is a well known business man before he ventured into politics and moreover, he has his own allocation as a public servant so I don't know why you took it personal to judge politicians that way because you're actually having the narrative that all politicians embezzles government funds. May be in other to ascertain your assertion there should be no politicians right?

Thanks for your advice not to use Bitcoin now but I still wish to use it in the near future for my business as I'm also a bitcoin hodler.

Thank you so much for your advice to use the LN though people may not believe me but nevertheless I still hope to accept the use of Bitcoin for my business in the future when the tension is free. This is my achievement this year and am happy I gladly did.


I'm actually starting the business yet as I also plan to combine it with a world class restaurant as well, I indicated that am still using fiat to operate my business for now pending when there will be lesser transactions fee and no congestion in mempool. But looking at the settings of the bar doesn't it look luxurious?

Okay you are correct, sorry for the miscalculation based on the current exchange of naira to dollars is about #1285 which means converting 2 million naira to dollars is around $1560.

You're correct on using fiat for my business for now because due to the high transactions fees and congestion in mempool that's why I'm still using fiat with the hope that I can still turn to payment using BTC when the congestion is less and fees reduces. Moreover, I have some other expensive drinks that one can use crypto to buy.

First please try to reduce your image sizes it's too bulky affecting my view.. Back to your bar business I will say congratulation for setting up your dream business but I will say why not keep another means of payment option like stable coin it could be trc20-usdt payment or matic or bnb with this it would help people to patronized you the more than just only making option of bitcoin. With the current  network issues there is no one who would want to incur a gas of 4$ to $10 over a bottle of drink $0.5 this looks very crazy and no one will or would want to patronized you. Here you need to make provision for another network maybe after much receiving payment from that network then you could convert them to bitcoin using your centralized exchange or through the help of p2p over here.

I wish you well and this is the type of business that I want to have soon, not a bar but just a small cafe or coffee shop where the ambiance is inviting and welcoming to everyone. Good thing that you have the upperhand and you pops is an influential politician in your state, that really helps a lot when someone wants to start a business coming from the policies, permits and not just with the capital that you've asked.

Now, going with the acceptance of Bitcoin. You can always put that logo of "Bitcoin accepted here" but you can have many ways that you can do, if some folks there are aware of Lightning network, you can accept that as well and that's ideal for small transactions that are typically normal in coffee shops and bars like yours. Next is to have a Binance pay or any exchange or you can actually just set that for Binance pay and let your customers that you are accepting pay from there to save fees.

Do not expect that a lot of customers are going to come and pay for Bitcoin but expect them to come and pay for the experience. The first six months to a year is going to be the most challenging part of your business but again, I wish you all the best and keep it up. Raise the flag of Bitcoin there and praying that your business is going to thrive and successful.

I could have love to congratulate on this your achievement but then again I don’t buy the story as they don’t look real to me, there have been lot of stories like this in the forum which just happens to reduce of recent due to how the community keep on busting them and discovery the full intention of the Op.

If your dad is a public servant and have access to public funds you should focus on learning and investing on other things than this bar of a thing it will attract attention to you and your family especially one like this that you want to start accepting bitcoin, if you were to throughly have those money that he gives to you 2,000,000 naira can’t open a standard bar here in this country after doing all the fee payment from registration, rent, and arrangement of the shop. I just find it hard to buy your story.

Some people are born with a silver spoon and I felt after reading your post that you are one of them. I am not completely sure whether Bitcoin Lightning Network is available in your country as your customers have a habit of using LN wallets. If they are then start using layer 2 to become a profitable entrepreneur. The main chain is currently bombarded with spam and the confirmation time can vary from 10 minutes to 24 hours, sometime it might exceed.

Until this spamming of the main network goes down either use Fiat or the LN. It is my recommendation to you and since you are the owner of your establishment think before and do your math. I am happy that your dream has come true and for your growth, you should think about profitability and not about Bitcoin in the current scenario.

Nice to hear that your father used the public funds meant for the development of the citizens to open a bar for you to increase the drunken in the society. Bar is always to attract more drinkers. Well it is a good thing that you open your own bar but as a daughter of a politician, a bar work is not good for you. And I will advise you not to take Bitcoin as your payment option for now because of the tx fee. And why did you use the money to invest in Bitcoin and just relax and Monitor the market because that bar business will stress you. You have to buy fuel and pay workers but in investment you would not do all this.

I don't know what exchange rate you used in doing your calculation, but two million Nigerian currency is up to two thousand American dollars. As of the date you mentioned, the dollar was between N1200 and N1240, so if we were to use N1200 per dollar to calculate it, we would be arriving at $1670 and not $2000+.

Over to the business of the day, I don't see it convenient to pay with bitcoin in a bar with the fee rate and delay in confirmation, which may end up taking my whole day before I can complete a single order, so I will suggest and I know that if the bar is real, you will experience fiat payment more than any form of crypto payment.

Congratulations on the new venture, one suggestion is to join LN in your business, this can help a lot with network fees. I wish you much success!

And for payments via bitcoin, provide some kind of incentive, give discounts or whatever, be a real encourager for people to use bitcoin. We need this a lot these days

Another thing, adjust the size of the images to make them more suitable for the forum.

You opened a bar. A bottle of beer is not up to $1. 1 input and 2 outputs bitcoin transaction at 80 sat/vbyte cost 4.79 in fee. We all know that it is not possible to pay using bitcoin onchain transaction for some beers. In Nigeria, naira is more used for payment and using bitcoin is getting more discouraged with the high fee.

Although, there are expensive drinks and wines, but fiat transaction locally is instant and of very low cost. On Opay, Kuda and Palmpay and some other means of paying for goods and services, the fee charged for some number transactions per day or per month are free.

I've been longing to Open my dream business for a very long time now, my dad is an influencial politician in my state. He has companies and some businesses and I've been pestering him to assist me with some funds to start my dream business of having my Own Bar but he never gave me a listening ear. Just on January 2 2024, He sent me #2,000,000 in my local currency which is about ($1560 currently in dollars and 0.037347 in BTC) to start up my dream business.
             I was so happy and thankful to him for giving this assistance after a very long time I've been requesting money from him to start up a business.

 Now I've furnished and equipped the bar with different brands of drinks. I was thinking of using Bitcoin as a medium of payment for my new business since there have been massive involvement of people from my country in Bitcoin after the initial ban placed on cryptocurrency in my country was being lifted.

My major setback now is the high transactions fees and congestion in the mempool but I've made provisions for my BTC Address to customers but for now they're still patronizing me in fiat.

The picture below shows the transaction I received from my dad and the setting of my bar:

 please help wish me well in my new achievement for the year 2024.

TRANSACTION OF THE MONEY RECEIVED FROM MY DAD


THE SETTINGS OF MY BAR







Edit: after much deliberation and suggestions from responsible members that gave their individual opinion to me here, I have therefore retorted to use TRC 20-USTD and BNB for payment hence, I've removed my initial wallet address i made available earlier as my intended payments method but however, I'm optimistic to use bitcoin as a payment method for my business in the future when transaction fees will definitely reduce to a considerate price and probably no congestion in the mempool.